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NDRC takes oil companies to task

China’s National Development and Reform Commission (NDRC) announced that it will hold to account companies which have been retailing diesel fuel at prices above official price caps. NDRC accused units of China National Petroleum Corp. (CNPC) and China Petroleum & Chemical Corp. (Sinopec) with illegally siphoning off 350,000 yuan (US$52,649) through unauthorized price hikes by selling diesel fuel at around 560 yuan (US$84) per ton higher than the price set by the government. The companies charged include the Luoyang and Wuhan branches of CNPC and the Wuhan and Lianyungang sales branches of Sinopec. (November 26, 2010)